Ten years ago bankers focused on decentralizing their operations. But now technology and customer demands are driving the industry to pay more attention on centralizing their business operations.
"Now the trend is towards centralization. Most of the banks in Colombo are also for that kind of thing," says Nimal Dias, President, Professional Bankers Association.
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According to bankers centralization will help to speed up trade finance procedures that require specialist expertise.
"Centralizing would benefit the customer and quicken the process," says Nimal Dias.
The banking sector is going through sweeping changes due to sophisticated telecommunications, IT and globalization of businesses.
The Association of Professional Bankers of Sri Lanka is organizing a forum to discuss challenges facing the industry in a globalised financial market next week.
-LBR Newsdesk: LBOEmail@vanguardlanka.com